1 Making Decisions Management I Dr. Emich
2 Leadership 360 Announcements Ratings should all be in We are working on cleaning up the data now Reports should be published soon (maybe sometime towards the end of the week) – you will get an e-mail directing you back to the system to download your report
3 For Next Week Read “Use Goals as a Guide” which is in your purchased coursepack Review your Leadership 360 report, the paper instructions, and the worksheet and come to class with your questions Quiz!
Last Week - Common Biases in Social Perception Fundamental Attribution Error Halo Effect Power Bias Self-Fulfilling Prophecy Set up to fail Syndrome Ingroup/Outgroup Bias Implicit Biases 4
Decision Making: A Broader Look
6 Dan Ariely on TED Dan Ariely on Framing
7 Decision Traps • Predictable, stable, heuristic processes that occur without our realizing they’re happening • Most dangerous when: • You’re in a position of power • You’re under time pressure • You’re trying to multi-task • You’re stressed out or overly tired (or both)
Three Major Heuristics Availability Anchoring Representativeness 8
9 Availability/Recallability Bias The tendency for people to base their judgments on information that is readily available to them (even if it’s not the most representative or relevant) Primacy & Recency are one subset of this Vivid, dramatic examples distort our perception of the base rate (power of the media) E.g., fear of flying (esp. after 9/11), perception that violent crimes on school grounds are going up, annual performance appraisals Be wary of this when you read your 3DLP reports (qualitative vs. quantitative feedback)
10 Anchoring Bias (or “Anchoring & Adjustment”) The tendency to focus on one value or idea (the “anchor”) and not adjust away from it sufficiently.
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- Fall '12
- Decision Making, sunk costs, Dan Ariely, Time Pressure, mature market, Sunk cost dilemma